Miami, FL-based The Estate Companies, a developer, owner and operator of residential communities in South Florida, has completed the conversion of a former Ramada Inn located at 1950 W. 49th St. in Hialeah, FL into a rental community.
The Estate Companies acquired the five-acre site for $15.3 million in August 2020 and broke ground in April 2021.
The shuttered hotel has been transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space on the northwestern section of the main building. Panera will occupy a 2,036-square-foot outparcel with drive-thru.
Alture Westland is the first project to be introduced as part of The Estate Companies’ new Alture brand, which focuses on value-add opportunities and repositioning older assets to achieve their highest and best use.
“We are thrilled to celebrate the completion of Alture Westland and see our vision of this adaptive reuse come to fruition, which provides an attainable price point with a mixed-use component for those who have been priced out of the market in general, including residents and non-residents of Hialeah,” said Jeffrey Ardizon, principal, The Estate Companies. “We are approaching stabilization, currently at 85% leased.”
December 2022. CRE News.